Were you rich growing up or have things handed to you Just wondering
In 1982 I bought my first home and my 5 year mortage was at 19.25% for a 5 year term at 72 grand I was making 24,000 a year in one of the highest paid jobs in the cape working underground and it is different today ??? I worked every overtime shift I could get and moonlighted working on cars to make ends meet Just asked the daughter and she is looking at under 5% for a 5 year term and weill have it paid off long before the 20 years it took me to have no mortage and says every year she says with me droppes it by 5 years min she has a plan and should have been a bean counter like Tony the way she handles money sure not like me or the mrs
I didnot own new cars ( in fact fixed up junk to drive ) , have expensive things and travel like kids today or have all new furnature as soon as I bought the house or pay anyone to do anything like many do today I remember not having a stove for 6 months and cooking out of a toaster over and BBQ and when we got one it was used that I had to fix yep kids do that today and no flooring all the rooms were just plywood for at least 2 years etc etc
You think we didnot rob Peter to pay Paul think again and the big difference today my parents were poor and could not help financially like today and I was out at age 22 on my own not still home at 35 being supported by parents and parents in 2023 help big time getting their kids set up financially On yes there was no RESP waiting for me to pay my university like many kids today
And yes I am glad parents can do that for their kids I said when my daughter was born she would not struggle like I did I will make sure of that and have to the best of my ability
And everyone I knew did the same I was not special but the norm we all struggled but got by some how and there was no government handouts either like today
I look at what my daughter makes a year and what she is looking at paying for her first home and she will NOT have the tough road we travelled that is for sure and yes it is all about how they plan and what choices they make Took her three trips to university to find the right job to live here in comfort
Getting a good education to ensure you get a good job is key today if not be prepared to struggle plain and simple
1 dollar in 1982 is now the same as $3.14 and my daughter this year will make 4 x what I did in 82 so who is? was truly suffering as you say
Guess you had no tough times financially starting out to forget how dam hard we ALL had it in the 80's etc etc
The other thing I am seeing here a lot now is kids taking over their parents homes and building the parents a new retirement smaller home on one level my daughters real estate friend is just starting the foundation on one of those now and she is the thiurd to do that in their little circle These kids think out of the box vs complaining and blaming everyone but them selves and are all doing very well even in a poor area like the cape
My useless 2 cents